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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: CYBERKEN who wrote (687544)	6/27/2005 11:29:42 AM
From: Kenneth E. Phillipps	Read Replies (1) \| Respond to of 769670

Bush is Undermining Our National Security, Nicholas Kristof "I think the greatest threat to our future is our fiscal irresponsibility," warns David Walker, the comptroller general of the United States. I asked Mr. Walker about Paul Volcker's warning that within five years we face a 75 percent chance of a serious financial crisis. "If we don't get serious soon," Mr. Walker replied, "it's not a question of whether it'll come, but when and how serious." Another issue is that three-fourths of our new debt is now being purchased by foreigners, with China the biggest buyer of all. That gives China leverage over us, and it undermines our national security. Critics have pounded the Bush administration for its faulty intelligence in the run-up to the war in Iraq. But President Bush peddled tax cuts with data that ultimately proved equally faulty - yet the tax cuts remain cemented in place. More than two centuries of American government produced a cumulative national debt of $5.7 trillion when Mr. Bush was elected in 2000. And now that is expected to almost double by 2010, to $10.8 trillion.